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At the time of the agreement, Rhode Island Gov. Lincoln Chafee said it was "one of the biggest risks" he's ever seen.

Former major league pitcher Curt Schilling and other employees at his former video game startup, 38 studios, are asking a Rhode Island judge to dismiss a lawsuit over a $75 million loan guarantee which promised to create 450 jobs in the state over a three-year span, The Associated Press reported.

The company is accused of misleading investors into approving the loan guarantee. 38 Studios filed for bankruptcy last year and created just one game during its existence.

The reportedly struggling company moved to Rhode Island from Massachusetts in 2010 when the state offered them $75 million in loan guarantees. At the time of the agreement, Rhode Island Gov. Lincoln Chafee said it was "one of the biggest risks" he's ever seen. Despite several attempts by the state to keep the company fiscally solvent, the video game developer went out of business late last year.

38 Studios' first and only game, "Kingdoms of Amalur: Reckoning," was released to largely positive reviews in February 2012. The game sold has sold an impressive 1.55 million combined copies on the XBox 360, PC, Playstation 3 in its first year on the market, according to video game sales website VGChartz.com.

The game was the brain-child of Schilling, who has publicly expressed a love of MMORPGs the likes of "World of Warcraft," Reckoning is a blend of action adventure games "God of War" and "Assassin's Creed" and the mega-hit series "The Elder Scrolls."

Schilling, according to The AP has denied any fault in the case and called it political.